Along with the banks’ financial data, the reports also reveal the manpower numbers that drive the system’s wheels, as well as the average wage cost of the banking system’s employees. At the end of last year, the groups of the five largest banks (including subsidiaries and branches abroad) employed just over 36,000 people, a decrease of 1.33% compared to the end of 2020. Hapoalim and Leumi are the largest employers, with 8,500 employees in each of the groups, and a close discount To them.
Three of the five banking groups reduced the number of employees – Hapoalim, Leumi and International, while at Discount the number of jobs remained relatively similar, and at Mizrahi Tefahot there was an increase in the number of employees, in light of the merger of Union into the bank. However, in Mizrahi Tefahot, a voluntary retirement plan for union employees has already begun, so the numbers will be reflected in the following reports.
The reports reveal that the average cost of employees for the banks ranges from NIS 371,000 per year at Discount (NIS 31,000 per month) to NIS 429,000 per year at workers (NIS 35.75,000 per month). This is a net cost without grants, and to the credit of the banks it must be said that they are the average cost increased compared to 2020, so it ranges between NIS 367,000 per year at Discount and NIS 414,000 at Bank Hapoalim.